More NSW residents buying new homes
The latest housing approval figures from the Australian Bureau of Statistics (ABS) suggest that more New South Wales residents are taking advantage of first time buyer incentives.
According to the data, which was released yesterday (January 10), 3,525 new dwellings were approved in NSW in November, following on from October's nine-year high of 4,159.
The market's strong performance may be attributed to the state government's First Home Owner Grant scheme, which was increased from $7,000 to $15,000 last year for those who purchase or build a new home.
Lauding the recent statistics, state planning and infrastructure minister Brad Hazzard said approvals have steadily increased over the last couple of years.
"Since the March 2011 election monthly approval figures have averaged 2,930 in NSW, which is a 14 per cent increase over the average approvals in the last five years of Labor," he commented.
The minister went on to add that the outlook is particularly promising for NSW when comparing it with the performance of other states.
"From April 2011 to November 2012 there has been an increase of 17 per cent in approvals against the five yearly average in NSW, while nationally approvals have fallen two per cent.